Dive Brief:
- Cultivated meat company Meatable raised $35 million, bringing the Netherlands-based company’s total funding so far to $95 million, according to a press release.
- The latest round, which was led by U.K. biotech venture capital firm Agronomics, will be used to “further scale its processes and accelerate [the] commercial launch of its cultivated meat products.” This will help Meatable reduce production costs and make it more competitive with traditional meat products, the company said. DSM Venturing was among those previous investors returning in the latest round.
- The cultivated pork maker plans to be available in select retailers and restaurants in 2024, starting in Singapore. The company also said it is “making solid progress on expanding to the United States and beyond.”
Dive Insight:
Recent regulatory approval granted by the USDA and the FDA to Upside Foods and Eat Just, likely paves the way for other competitors to enter the space.
Similar to other brands in the cultivated meat category, Meatable is setting its sights on Singapore — the first country in the world to approve cell-based meat — as a pathway to enter the market. Meatable has yet to receive regulatory approval in Singapore.
The startup claims to be different than others on the market through its proprietary technology, which uses a more cost-effective and scalable approach.
Meatable expects to use the $35 million to accelerate its commercial launch. Using the money to reduce production costs, the company hopes to become cost competitive with traditional meat, something that others in the category have struggled to accomplish. On average, alternative proteins are two to four times as expensive as conventional beef, according to the Good Food Institute.
Once Meatable enters the market in Singapore, the company has its sights set on the U.S. “This [funding] is a huge sign of confidence in the incredible quality, taste, and proven scalability of our product, especially in the current investment climate,” said Krijn de Nood, co-founder and CEO of Meatable.
The cash Meatable is raising could prove invaluable as it aims to establish a presence in the competitive U.S. market. The cultivated meat category has seen major growth during the last few years, and multiple brands have entered the market looking to revolutionize the way Americans consume protein.
If Meatable is successful in entering the U.S. market, the startup will compete with companies such as Upside Foods, Eat Just, Memphis Meats, Blue Nalu and Finless Foods. With a few companies already receiving approval, Meatable could find itself needing to catch up.
